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SAN LEANDRO ADMINISTRATIVE CODE TITLE 10 HUMAN RESOURCES Chapter 1 Deferred Compensation Plan allowed by law which will, in the employer's sole judgement, best achieve the employee's objective. (1) If a mutual fund is selected as the investment vehicle, all dividends and capital gains distributions will be reinvented in shares of said mutual fund. The total of full or fractional mutual fund shares purchased or acquired through reinvestment shall serve as a basis for measuring the value of the participants book account. Determination of value will be the total number of full and fractional shares calculated as shown in the currently effective Prospectus of the mutual fund selected. (2) If interest time deposits in savings and loan or banking institutions are selected as the investment vehicle, interest earnings will be credited to the participant's book account when declared by the institution. (3) If secured instruments in real property is selected as the investment which, interest payments and penalties shall be credited to the participant's book account or to the pooled account of all participants selecting such investment vehicle. (d) The employer may, but is not required to, invest deferred compensation at least monthly in the investment vehicles provided for in this Plan. All amounts of deferred compensation, whether or not investment by the employer, shall at all times be and remain an asset of the employer. Any and all dividends, capital gains distributions, interest or other income payable on any of the employer's investments of deferred compensation also shall be an asset of the employer. The employer shall have the sole right to vote any share of stock which it may acquire by such investment. (e) Neither this Plan nor any Participation Agreement nor any book account shall be deemed to create a trust or custodial account on behalf of or for the benefit of any participant of the Plan or his beneficiaries. No participant of the Plan or his beneficiaries shall have, by reason of the Plan, Participation Agreement, or book account, any secured or preferred interest in or any assets of the employer. Notwithstanding anything herein to the contrary all amounts of compensation deferred under the Plan, all property and rights purchased with such amounts, and all income attributable to such amounts, property, or rights shall remain (until made available to the participant or beneficiary (ies)) solely the property and rights of the employer (without being restricted to the provision of benefits under the Plan) subject only to the claims of the employer's general creditors. Department Responsible for Revision: Human Resources Chapter 10.1 04/19/1983 Page 4